FRANCE - French keen on learning from Saudi experience in Islamic banking: Envoy

JEDDAH: French academics have shown their keenness to make use of Saudi expertise and experience in Islamic banking and finance, said Saudi Ambassador to Paris, Muhammad bin Ismail Al-Asheikh.

The ambassador made this comment while holding a reception in Paris on the occasion of the launch of an academic chair titled "Financial morals and principles: Islamic banking as a model."  (source)

SPAIN - EUROPE - Saudi-Spanish Collaboration Seeks to boost Islamic finance values in Europe and beyond

Islamic finance in the European Union may be taking a back seat as the continent is gripped with a dire euro zone sovereign debt crisis which has even impacted on sovereign Germany's attractiveness as a bond investment asset class.

Similarly, London's role as a hub for Islamic finance, investment and trade - the declared ambition of the previous Labor government and the current Conservative-Liberal Democrat Coalition - is stalling because of the disappointment of the UK Treasury deciding not to raise funds in the wholesale sterling market through a debut sovereign Sukuk. Luxembourg and France have also introduced tax neutrality measures to facilitate sukuk and other Islamic financial products, but have yet to commit to issuing a debut sukuk, claiming as the UK does it is not the right timing nor at the right price. (source)

FRANCE / KSA - SATORP's debut sukuk oversubscribed 3.5 times

Saudi Aramco Total Refining and Petrochemical Company (SATORP), a joint venture between Saudi Aramco and Total S.A. of France, issued its debut sukuk Sunday and there are signs that several other potential Saudi issuers are lining up to go to the market preferring to raise funds in this way despite the continuing turmoil in the global financial market and economy.

According to the latest information available Sunday, the SATORP bond issue was 3.5 times oversubscribed. (source)

LUXEMBOURG - Luxembourg Delegation in Abu Dhabi and Riyadh on Gulf Tour

Prince Guillaume, Saudi Finance Minister, Minister Frieden SIP

 

Prince Guillaume's and Finance Minister Luc Frieden's tour of the Gulf States continued when they stopped in Abu Dhabi of the United Arab Emirates on Monday, and then to Saudi Arabia yesterday.

Fresh from their working visit to Qatar, the visit to Abu Dhabi, along with the rest of the Luxembourg delegation from the financial service sector in the Grand Duchy, saw them meeting the UAE's Finance Minister, Obaid Humaid Al Tayer, to discuss the economic situation in the region and strengthening relationships in the financial field. (source)